BUSINESS
Tomato omelettes and salads go missing; Puree in demand as tomato prices soar
Soaring prices force buyers to explore alternatives, hotels take tomato-heavy items off menu.
BUSINESS
Dunzo caps salaries at Rs 75,000 for June, promises to clear dues by July 20
The salary deferrals were understood to impact senior employees at Dunzo the most. Moneycontrol has learnt that around 60-65 percent of all workers were paid their full salaries and the remaining, about 35-40 percent of them, had only received Rs 75,000 as their June salary.
BUSINESS
Swiggy has no control over valuation markdowns, says food marketplace CEO Rohit Kapoor
The CEO of Swiggy’s core business said that while the company remains excited about quick-commerce, there is consolidation underway and there are only three to four significant players in the sector
BUSINESS
Google-backed Dunzo defers June salaries for 500 employees
Dunzo has over 1,000 employees in total and the latest decision to defer salaries will impact about 500 of them. The move also indicates that there could be more layoffs in the pipeline.
BUSINESS
Cashfree exploring strategic sale, Pine Labs emerges as frontrunner
While Cashfree is asking for $1.2 billion, the suitors are seeing only $600 million value at the top end for the company, sources have told Moneycontrol
BUSINESS
Why Zomato continues to eat into Swiggy’s market share
Several moves, such as penetrating deeper into Tier 2 cities and beyond, first-mover advantage, and a more pan-India focus, have worked in favour of Zomato. When the pandemic brought to a standstill, Swiggy was hurt more than Zomato
BUSINESS
BigBasket's B2C arm saw losses swell 89% in FY23 even as revenues remained flat
BigBasket competes with SoftBank-backed Swiggy Instamart, Y Combinator-funded Zepto, Reliance-backed Dunzo and Zomato-owned Blinkit.
BUSINESS
One app, many options: Zomato now allows users to build carts from multiple restaurants
Zomato’s users can now build carts from up to four restaurants and eventually order from the eatery of their choice. Further, after checking out one cart, users can come back and complete orders from the remaining carts as well.
BUSINESS
Amazon's flagship Prime Day sale to begin on July 15
The fresh edition will see over 45,000 new product launches from more than 400 Indian and global brands, like OnePlus, Samsung, Motorola, boAt, Sony, Allen Solly, Lifestyle, Titan, Fossil, Puma, Tata and several others.
BUSINESS
DealShare to invest Rs 1,000 cr to strengthen private label play, scale local brands
The fresh announcement of Rs 1,000 crore is over and above Rs 500 crore that DealShare committed to invest in November 2022 to grow its private labels, including staples, home cleaning solutions and the like over the coming 2-3 years.
BUSINESS
Swiggy's losses widened 80 percent in FY23: Prosus
During the same period, Swiggy's revenues grew to around $900 million and its losses stood at $545 million. While the revenue increased sharply from over $600 million in FY22, the company's losses jumped from around $300 million.
BUSINESS
Shark or Dolphin? Ashneer Grover hits out at growing founder-investor rift on Shark Tank India
Many founders have alleged that the monies committed by the sharks on the show never reached them, in spite of chasing them to close. Sharks say deal closure takes time and that founders often do not comply with agreed terms.
BUSINESS
Byju’s CFO was tasked with changing auditor amid deteriorating ties with Deloitte, sources say
While an auditor stepping down is a red flag for a company, Deloitte’s resignation was in the works after relations broke down between the big four audit giant and Byju’s.
BUSINESS
Microblogging website Koo continues to see declining active users
The microblogging website, touted as a desi alternative to Twitter, saw monthly active users fall to about 3.1 million in April 2023, in the third straight month of decline this year. Company says it is well-capitalised and remains positive about building a social media platform from India for the world.
BUSINESS
Curefoods chalking out offline plans for premium pizza brand Nomad: Founder Ankit Nagori
Curefoods typically spends about Rs 75 lakh to open a Nomad store. The company plans to open Nomad stores only in the top 10 cities of India, which include Delhi, Mumbai, Bengaluru, Hyderabad
BUSINESS
Investors flag financial irregularities at healthtech startup Mojocare
The financial irregularities, which include overstating of revenues, at the Bengaluru-based company have come to light in less than a year after it raised $20.6 million in its Series A round.
BUSINESS
Lenskart's $600 mn funding gives early investors including SoftBank a big exit
In total, across the two rounds, where Lenskart raised $500 million in March and $100 million now, about $450-500 million was in the form of secondary sales in what was understood to be a mega payday for some early backers of the company.
BUSINESS
Acquired at 40% discount, Ustraa says its valuation can increase 6X in 3 years
Ustraa’s Rs 250 crore deal with VLCC also took some by surprise because The Good Glamm Group had put around Rs 490 crore on the table to acquire Ustraa last year, sources told Moneycontrol. The deal did not materialise because of internal reasons, they added.
BUSINESS
Peak XV Partners scores big with 16X return on investment in Go Fashion
It was understood that the entire sum would now go to the revamped Peak XV team, which separated from Sequoia Capital in the United States and ventured out on its own.
TRENDS
MC Exclusive: Bo International’s CEO sues Mensa Brands over breach of contract
Bo International said Mensa’s efforts to develop the Florona brand were insufficient and led to a fall in the revenue-linked consideration payable.
BUSINESS
New food delivery startups mushroom, but pin hopes on ONDC for scale
Undeterred by the many failures in the segment, at least two new players hope to cook up something new.
BUSINESS
Meesho unveils new logo to appeal to wider audience
While other new-age companies are cutting back on marketing spends, Meesho CEO Vidit Aatrey said that the company is being prudent but will not not spending on growth.
BUSINESS
Myntra levies convenience fee, looks to curb returns as it aims for profitability
The move is aimed at placing the company on the path to profitability as capital becomes scarce. Analysts say the fee is unlikely to deter customers from making purchases, and that other players may follow suit.
BUSINESS
Flipkart shuffles roles among top executives
Smrithi Ravichandran, who was earlier the vice president (VP), and head of Grocery, has now been moved to head Mobiles, a key category for the group. This is the second such reshuffle at Flipkart this year.
